Last week’s analysis for Silver was extremely bearish. Price has consolidated sideways.
Downwards movement was expected. Although Silver has not made a new low below the prior low three weeks ago, it did move lower for the week.
Last analysis noted Silver had broken below support about 15.65, which had been held for just over a year, and that a small bounce up to resistance at prior support was expected for the week. A small range inside week exactly fits this expectation.
Last week’s analysis expected a small bounce, which did not happen.
Volume, RSI and Stochastics are used this week to determine the strength or weakness of this new low.
The main Elliott wave count expected downwards movement to continue for Silver, which is what has happened.
A strong upwards week fits the larger expectations for the preferred Elliott wave count.
An inside week does not change the overall analysis.
For the short term, On Balance Volume suggests what may happen early this week.
Last week’s analysis expected an upwards trend to develop. A slightly higher high and a higher low completes a green weekly candlestick, which fits expectations.
A pullback was expected for the short term. Thereafter, upwards movement has resumed.
An upwards week was expected from last analysis. The week began with a move lower, which hit support, and then bounced strongly from there to complete a long legged doji candlestick.
For the short term, a downwards swing within a consolidation was expected and overall an upwards breakout looked more likely thereafter. The upwards breakout has come sooner than expected.
A bounce was expected to continue. Price began the week to make new highs and thereafter a pullback has remained above the short term invalidation point.
A little more downwards movement to end within the range of 16.173 to 15.874, or at target 16.093, was expected before a trend change. Price moved slightly lower, turning at 16.106, within the range and just 0.013 above the target.